MIRA
INFORM REPORT
|
Report Date : |
07.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
VASCON ENGINEERS
LIMITED |
|
|
|
|
Registered
Office : |
15/16, Hazari
Baug, L.B.S. Marg, Vikhroli (West), Mumbai – 400083, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
01.01.1986 |
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Com. Reg. No.: |
11-38511 |
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Capital
Investment / Paid-up Capital : |
Rs. 900.161 Millions |
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|
CIN No.: [Company Identification
No.] |
L70100MH1986PLC038511
|
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|
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEV04048C |
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PAN No.: [Permanent Account No.] |
AAACV1249F |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Construction
Activities. |
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|
No. of Employees
: |
1024 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 27000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. General financial
position of the company is good. Trade relations are reported as fair. Business
is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
15/16, Hazari
Baug, LBS Marg, Vikhroli (West), Mumbai – 400083, |
|
Tel. No.: |
91-22-25785881/
25781143 |
|
Fax No.: |
91-22-25771809/
25787419 |
|
E-Mail : |
Corporate sales :
Corporate@vascon.com Residential sales
: sales@vascon.com Careers : Careers@vascon.com Suppliers and
contractor : purchase@vascon.com Pune Tendering : vascontnd@gmail.com Investors/analyst
Queries : Viveksakharkar@vascon.com
|
|
Website : |
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|
Location : |
Owned |
|
|
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|
Corporate Office : |
G/ 3, |
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Tel. No.: |
91-20-30562100/200/400/500 |
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Fax No.: |
91-20-26131071 |
|
Location : |
Owned |
|
|
|
|
Branch office located at: |
·
Chennai ·
·
·
·
Haryana |
DIRECTORS
As on: 31.03.2011
|
Name : |
Mr. V. Mohan |
|
Designation : |
Independent
Director |
|
Address : |
Waman, 46/3, Garodia
Nagar, Ghatkopar (East), Mumbai – 400077, |
|
Date of Birth/ Age : |
06.01.1951 |
|
Date of Appointment : |
06.03.2007 |
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|
Name : |
Mr. R Vasudevan |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. K G
Krishnamurthy |
|
Designation : |
Non Executive
Director |
|
Address : |
Flat 403, Meru
Height, |
|
Date of Appointment : |
21.06.2006 |
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|
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|
Name : |
Mr. R Kannan |
|
Designation : |
Independent
Director |
|
Address : |
103, |
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Date of Birth/ Age : |
18.06.1959 |
|
Date of Appointment : |
25.08.2008 |
|
|
|
|
Name : |
Mr. Ameet Hariani
|
|
Designation : |
Independent
Director |
|
Address : |
Chandan, 2nd
Floor, 62-B, |
|
Date of Birth/ Age : |
06.07.1961 |
|
Date of Appointment : |
25.08.2008 |
KEY EXECUTIVES
|
Name : |
Mr. M. Krishnamurthy |
|
Designation : |
Company Secretary |
|
Tel No : |
91-20-30562100 |
|
Email no : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
12891057 |
14.30 |
|
|
21978766 |
24.38 |
|
|
34869823 |
38.68 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
34869823 |
38.68 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
2320332 |
2.57 |
|
|
774523 |
0.86 |
|
|
3094855 |
3.43 |
|
|
|
|
|
|
47795181 |
53.03 |
|
|
|
|
|
|
1629481 |
1.81 |
|
|
2571755 |
2.85 |
|
|
174505 |
0.19 |
|
|
12419 |
0.01 |
|
Hindu
undivided family |
147071 |
0.16 |
|
Clearing members |
15015 |
0.02 |
|
|
52170922 |
57.88 |
|
Total Public
shareholding (B) |
55265777 |
61.31 |
|
Total (A)+(B) |
90135600 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
|
- |
|
|
- |
- |
|
Total
(A)+(B)+(C) |
90135600 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction
Activities. |
GENERAL INFORMATION
|
Customer : |
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No. of Employees : |
1024 (Approximately) |
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Bankers : |
Industrial
Finance Branch, Wakdewadi, Pune – 411003,
HDFC Bank House,
Senapati Bapat Marg, Lower Parel West, Mumbai – 400013,
Zenith House,
Keshavrao Khyade Marg, Mahalaxmi, Mumbai – 40034, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Anand Mehta and Company Chartered Accountants |
|
Address : |
1st Floor, 334, |
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Tel. No.: |
91-22-23400882 |
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Fax No.: |
91-22-23420195 |
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Email : |
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Joint Ventures : |
·
Weikfield
IT ·
·
Zenith
Ventures ·
Zircon
Ventures ·
Marigold
Premises Private Limited ·
Just
Home ( ·
Cosmos Premises Private Limited ·
Alnet
Corporation Limited ·
Marathawada
Realtors Private Limited ·
Jhone
Flower Ophthalmics Private Limited ·
Rose
premises Private Limited ·
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|
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|
Associates: |
· Angelica Properties Private Limited · Mumbai Estate Private Limited ·
Vascon Infrastructure Limited |
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Subsidiary : |
· Marvel Housing Private Limited · Grey Stone Premises Private Limited · Vascon Dwellings Private Limited · IT CITi Info Park Private Limited · Caspia Hotels Private Limited · Windflower Properties Private Limited · Calypso Premises Private Limited · Floriana Properties Private Limited · Vascon Pricol Infrastructure Limited |
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|
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Related Party : |
· Flora Premises Private Limited · Vastech Consultants Private Limited · Vatsalya Enterprises Private Limited · Bellflower Premises Private Limited · Syringa Properties Private Limited |
CAPITAL STRUCTURE
After As on 27.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90135600 |
Equity Shares |
Rs.10/- each |
Rs. 901.356
Millions |
|
|
|
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|
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90016050 |
Equity Shares |
Rs.10/- each |
Rs. 900.161
Millions |
|
|
|
|
|
Note:
Of the above:
55622353 Equity Shares of Rs.10/- each are allotted
as fully paid-up by way of bonus shares by capitalization free reserves of the
company.
1650000 Equity Shares of rs.10/- each are
allotted as fully paid-up to employees of the company pursuant to the
employee’s stock option scheme 2007.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
900.161 |
900.161 |
759.154 |
|
|
2] Share Application Money |
0.930 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5975.482 |
5537.463 |
3076.083 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6876.573 |
6437.624 |
3835.237 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2427.343 |
1405.234 |
1050.106 |
|
|
2] Unsecured Loans |
875.296 |
67.730 |
714.592 |
|
|
TOTAL BORROWING |
3302.639 |
1472.964 |
1764.698 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10179.212 |
7910.588 |
5599.935 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
471.289 |
447.968 |
442.546 |
|
|
Capital work-in-progress |
67.868 |
17.932 |
6.460 |
|
|
|
|
|
|
|
|
INVESTMENT |
2256.422 |
2068.634 |
1256.772 |
|
|
DEFERREX TAX ASSETS |
11.168 |
8.222 |
3.832 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1595.210
|
1021.800 |
748.162 |
|
|
Sundry Debtors |
3408.077
|
2366.343 |
2195.111 |
|
|
Cash & Bank Balances |
1003.963
|
427.378 |
200.561 |
|
|
Other Current Assets |
0.000
|
0.000 |
300.752 |
|
|
Loans & Advances |
4074.261
|
3763.181 |
3264.068 |
|
Total
Current Assets |
10081.511
|
7578.702 |
6708.654 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1544.380
|
1024.551 |
564.076 |
|
|
Other Current Liabilities |
736.352
|
944.185 |
1392.434 |
|
|
Provisions |
428.314
|
242.134 |
861.819 |
|
Total
Current Liabilities |
2709.046
|
2210.870 |
2818.329 |
|
|
Net Current Assets |
7372.465
|
5367.832 |
3890.325 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10179.212 |
7910.588 |
5599.935 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from operation |
7779.195 |
7052.097 |
5191.908 |
|
|
|
Interest Earned |
85.293 |
87.138 |
111.667 |
|
|
|
Other Income |
218.737 |
8.486 |
1.511 |
|
|
|
TOTAL (A) |
8083.225 |
7147.721 |
5305.086 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material and other direct Expenses |
6244.556 |
5625.258 |
3919.877 |
|
|
|
Personal Expenses |
487.222 |
378.462 |
318.676 |
|
|
|
Operating and other Expenses |
327.316 |
236.211 |
244.705 |
|
|
|
Provision for contingency |
0.000 |
0.000 |
200.000 |
|
|
|
TOTAL (B) |
7059.094 |
6239.931 |
4683.258 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1024.131 |
907.790 |
621.828 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
227.892 |
214.258 |
253.502 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
796.239 |
693.532 |
368.326 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
75.329 |
64.106 |
57.255 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
720.910 |
629.426 |
311.071 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
198.463 |
192.809 |
98.280 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
522.447 |
436.617 |
212.791 |
|
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
Excess(short) Provision W/back/ (off) |
15.526 |
2.303 |
(5.914) |
|
|
|
Prior Period Adjustments-(Income/Expenses) |
5.013 |
3.338 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1648.326 |
1206.068 |
1001.398 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend on equity shares |
90.016 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
14.951 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2086.345 |
1648.326 |
1206.068 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.01 |
5.55 |
4.50 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
|
1 Quarter |
2 Quarter |
3 Quarter |
|
Net Sales |
|
1447.000 |
1257.700 |
1114.600 |
|
Total Expenditure |
|
1356.500 |
1156.800 |
1039.700 |
|
PBIDT (Excl OI) |
|
90.500 |
100.900 |
74.900 |
|
Other Income |
|
36.800 |
45.700 |
85.300 |
|
Operating Profit |
|
127.300 |
146.600 |
160.200 |
|
Interest |
|
111.800 |
109.600 |
123.200 |
|
PBDT |
|
37.600 |
37.000 |
37.000 |
|
Depreciation |
|
22.000 |
24.400 |
28.300 |
|
Profit Before Tax |
|
15.600 |
12.600 |
8.700 |
|
Tax |
|
11.200 |
0.000 |
0.000 |
|
Profit After Tax |
|
4.400 |
12.600 |
8.700 |
|
Net Profit |
|
4.400 |
12.600 |
8.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.46
|
6.108 |
4.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.27
|
8.92 |
5.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.83
|
7.84 |
4.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.10 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.87
|
0.57 |
1.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.72
|
3.42 |
2.38 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
No |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
Yes |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
BACKGROUND
Subject was incorporated on 1st January, 1986. The Company is engaged in the business of Engineering, Procurement and Construction services (EPC) and Real Estate Development directly or indirectly through its Subsidiaries, Joint Ventures and Associates.
BUSINESS PERFORMANCE:
Gross receipt for the year at Rs. 8083.23 millions compared to Rs. 7147.72 millions for the previous period of 12 months.
Net profit for the year Rs. 542.99 millions as compared to Rs. 442.26 millions for the previous period of 12 months.
BUSINESS OPERATIONS AND FUTURE OUTLOOK
The Company's EPC services include constructing factories, hospitals, hospitality properties, office and residential complexes, shopping malls, multiplexes, IT parks and other buildings. They intend to capitalize on the opportunity presented by the emphasis on the Infrastructure development by the Government of India.
Vascon also provides EPC services for its own projects as well as to third parties. EPC services involve various Activities, depending on the scope of the engagement on a specific project. It encompasses undertaking projects as turnkey contractors for the entire project or as contractors responsible for a specific portion of a project.
Vascon's strategy for the EPC segment will focus on optimizing its EPC services business and resources and entering into infrastructure development by participating in road development and other infrastructure related activities.
In the real estate space the Company is engaged in the development of residential and office complexes, shopping malls, multiplexes, hospitality properties, IT parks and other buildings. Vascon conducts its real estate development business directly or through its subsidiaries and also holds equity in other Development Entities, which in turn enter into joint development or other agreements to develop the properties.
The Company undertakes the entire spectrum of Real Estate Development activities including identification and acquisition of land to providing EPC services, and sales and marketing of projects to operation of the completed projects.
MANAGEMENT DISCUSSION
AND ANALYSIS
The Economic Scenario
India's GDP started to indicate recovery trends since Q4FY10. As per advance estimates the overall GDP growth rate for 2010-11 was 8.6 percent in comparison to 8.0 percent during 2009-10. Further Government is planning for maintaining high GDP growth in the range of 8.75-9.25% for 2011 -12
According to the latest estimates available on the Index of Industrial Production (IIP), the general index registered a growth rate of 7.8 per cent in 2010-11 as compared to 10.5 per cent during April-March 2009-10. However, the index for six infrastructure sectors (comprising crude oil, petroleum refinery products, coal, electricity, cement and finished carbon steel) with a weight of 26.68 per cent in the Index of Industrial Production (IIP) grew by 5.9 per cent during April-March 2010-11, as compared to growth rate of 5.5 per cent achieved during the corresponding period in 2009-10.
The Indian economy compared to other economies have shown remarkable bounce back post recessionary phase and is today rated as one of the most attractive investment destinations across the globe. The net capital inflows to the extent of US$ 18.8 billion in a single quarter as compared to US$ 3.5 billion in the first quarter of FY2011 further strengthens the outlook for the country as a preferred investment destination. However, the current European crisis and inflationary conditions in India makes us predict that the recovery will be uneven in global context for some more time.
Industry Scenario
EPC and
Infrastructure Sector
The biggest booster to the economic growth has been the construction industry. The growth in Construction Industry continues to outpace GDP growth for the last few years. In the recent union budget (28 Feb. 2011), it was seen that the spending in infrastructure projects will increase another 23%. In last four years, Indian Government's focus on investment in infrastructure projects has already seen a massive jump; further increase of 23% will only help the economy. It is estimated that total construction spending shall be doubled to Rs 12,189 billion during the period 2008-09 to 2012-13 from Rs 6,217 billion incurred during 2003-04 to 2007-08. There is a huge opportunity for infra spending in the segments of Construction Industry.
The Government is also seeking higher investments from the private players through the Public Private Partnership (PPP) Model by making necessary changes in the policy framework. There has been huge potential opportunities in all segments of Construction Industry more particularly, roads, highways, real estate and airports and further, it is expected that other sectors like power, SEZs, metros, ports and urban infrastructure will also be the key drivers for the coming years
During the Twelfth Five Year Plan (2012-2017), the total investment in infrastructure is projected to be around INR 41 trillion (US$1 trillion).
In 2009-10, expenditure worth approximately 7.2 per cent of the GDP was spent on infrastructure. The government aims to increase the country's infrastructure expenditure to 9 per cent of its GDP by 2014. Investment in the country's infrastructure sector has doubled over the last five years, from 4% of GDP to 8%.
Given the economic fundamentals and committed efforts of the government to drive growth, the future of the Indian economy, in particular construction industry, appears to be optimistic.
Real Estate
The real estate sector in India is of great importance. According to the report of the Technical Group on Estimation of Housing Shortage, an estimated shortage of 26.53 million houses during the Eleventh Five Year Plan (2007-12) provides a big investment opportunity.
The Indian real estate industry is expected to be valued at US$ 180 billion (INR 8,640 billion) by 2020. The real estate sector in India is on a rapid growth trajectory. The real estate sector is a key growth driver of the country's economy. The contribution of the residential segment alone to India's gross domestic product (GDP) is around 5 to 6 per cent.
In a short span of time, the industry has evolved from a highly fragmented and unorganized market into a semi-organized market, with a large number of listed companies.
In the last decade, foreign domestic investments (FDI) in real estate, has increased due to the growing interest of foreign players in the Indian market. The real estate sector is one of the highest FDI-attracting sectors in India, with recorded FDI inflow of more than US$ 8.9 billion (INR 403 billion) between April 2000 and September 2010. FDI of up to 100 per cent is allowed under the automatic route in most asset classes.
Favorable demographics (a young population and increasing urbanization) and growth in the services sector, especially the IT and ITeS sector, have primarily driven growth in the real estate industry.
Company Performance
The Company is one of the leading real estate development and construction companies in India with a unique business model and delivery mechanism. It has over the years proved its expertise in construction and further leveraged it in its other business segments of real estate development and hospitality. The Company has for the year successfully completed and added following projects to its esteemed list of projects.
EPC Business
Significant projects
completed during the year:
1. Delhi
International Airport (Multilevel Car Parking)
The Multilevel car park at Delhi International Airport terminal # 3 is the largest in India and has a capacity to accommodate 4,300 vehicles, spread across 7 floors. The project has been completed in a record time of 15 months with a construction area of 1.2 million sq. ft. and with the estimated contract value of Rs 2,480 million.
2. Ruby Mill, Mumbai
This high-rise commercial building in Dadar, Mumbai has bagged various awards along with "Well Built Structure" Award from Builder's Association of India 2009. The project has total construction area of 1.45 million sq. ft. with the estimated contract value of Rs. 2,074 million. The project has been completed in a record time of 2.5 years.
Cipla, Indore SEZ
This Company has done factory building work for CIPLA at Indore SEZ. The project has a total construction area of 1.55 million sq. ft. with an estimated contract value of Rs. 1,447 million and has been completed within tenure of 18 months.
4. Neelkanth Palacia
Mall and IT Park, Mumbai
This commercial complex in Kurla, Mumbai has total construction area of 0.95 million sq. ft with an estimated contract value of Rs1,333 million and has been completed within a span of 3.5 years.
Significant Projects
awarded to Vascon during the year:
1. Adani Meadows –
Shantigram
The Company has acquired order worth Rs 1321 million from Adani Township and Real Estate Company for its Shantigram township in Ahmedabad, Gujarat. The project execution has commenced in the month of Feb. 2011 and is expected to get completed in 2013.
2. NBCC, Mumbai
The Company has bagged order worth Rs 1312 million from NBCC for building a hospital in Mumbai, Maharashtra. The project execution has commenced in the month of March 2011 and is expected to get completed by 2013.
3. Park Amstoria -
Phase IBPTP
The Company has bagged order worth Rs1297 million from BPTP for constructing a residential complex in Haryana. The project execution has commenced in the month of Feb. 2011 and is expected to get completed by end of 2012.
4. Akshaya Realty
The Company has acquired order worth Rs 1100 million from Akshaya January and Akshaya Metroplocs for constructing a residential complex in Chennai, Tamilnadu. The project execution has commenced in the month of March 2011 and is expected to get completed by 2013.
5. Kondwa Realty
The Company has acquired order worth Rs 999 million from Kondhwa Reality for constructing a residential complex in Pune, Maharashtra. The project execution has commenced in the month of June 2010 and expected to get completed by 2012.
Real Estate
Significant Ongoing
Projects:
Windermere
This is a ultra luxury residential project at Pune's most sought after located - Koregaon Park, Pune, Maharashtra that comprises of apartments ranging from 3000 sq. ft. to 3800 sq. ft. and duplexes of 8300 sq. ft. with its own private swimming pool.
The project has bagged the Certified Platinum rating from The Indian Green Building Council (IGBC) green homes.
The project is designed for five star rated Eco housing with amenities such as renewable energy systems, architectural design that ensures good ventilation and the maximum use of natural lighting, use of environmental friendly construction material, water conservation by maximum recycling, rain water harvesting, organic waste management and many more.
The project with an approximate saleable area of 0.4 msft.
is expected to be completed in 2013.
Forest County- Phase
I
This is one of the premium projects situated in a sunrise location that's tucked away from the madding crowd -Kharadi, Pune, Maharashtra, yet is at a convenient distance from all the important destinations. The project features various amenities such as well designed landscaped green belt with water body, dedicated children play zones, joggers track, spacious and fully furnished club house, etc.
Forest County incorporates environmental consideration at every stage of building construction such as environmental architecture, efficient building material, water conservation.
The phase I of the project will comprise of 11 building with total saleable area of 0.84 msft. and is expected to get completed in 2012.
Willows Phase II
This is phase II of the luxurious Willows residential project located at one of Pune's most sought after locations -Baner/ Balewadi. The project houses three sides open, eco friendly homes with the latest amenities. The project with an approximate saleable area of 0.16 msft. is expected to be completed by 2013.
Vista Phase II
This is a residential project located at Indiranagar, Nashik, Maharashtra that comprises of well-ventilated homes of 2 and 3 BHK apartments. The project features various amenities such as centrally landscaped gardens, children's area and fully equipped multi activity club house. Keeping in line with our endeavor of constructing eco friendly buildings, this project also has a vermiculture pit, rainwater harvesting and sewage treatment plant. The project will comprise of a total saleable area of 0.13 msft. and is expected to be completed by 2012.
Tulip Phase II
This is tallest premium Vascon-Pricol residential project at Avinashi Road, Coimbatore. That comprises of lavish and well ventilated 2, 3 and 4 BHK apartments. The project is completely Vastu friendly with thoughtfully designed landscaping giving the complex a perennial fresh and lively look.
The project with an approximate saleable area of 0.2 msft. is expected to be completed by 2013.
Novotel
The Novotel hotel Is located at Nagar Road, Pune, Maharashtra and provides luxurious comforts and modern facilities. It contains 246 keys and various banquet halls, lounge bar, restaurants, meeting rooms, business center, health club, spa and swimming pool. It has an area of 0.2 million square feet, excluding parking, and has ten floors in addition to three basements and ground floor. The project is expected to be completed by 2012.
Financial Highlights
- During the year 2010-11, the Company reported net income of Rs 10,543 million, an increase of 37.0% over the previous year.
- Earnings before Interest, Depreciation, Tax and amortization stood at 1,296 million, up by 19.2 %.
- Profit before tax from ordinary activities registered a growth of 16.3 % at Rs 900 million.
- Net profit stood at Rs 659 million, up by Rs. 23.6 %.
- Net Debtto Equity stood at 0.36 times.
CONTINGENT LIABILITIES:
(a) The Company has not considered necessary to make provision in respect of:
Income tax demand of Rs. 61.596 Millions (Rs. 6.770 Millions and Service Tax demand of Rs. 18.677 Millions
(Rs. 18.133 Millions) not accepted by the Company as the same have been disputed by the Company In Appeal/ Rectification before higher authorities.
c) Securities/guarantees provided to the bankers:
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
for other companies |
- |
- |
|
(if) for performance |
2442.487 |
1110.518 |
|
Corporate Guarantee given for other Companies |
891.300 |
300.000 |
|
Claims against the Company not acknowledged as debts |
8087.783 |
2487.783 |
|
(a) The assignee of a development rights relating to a property had filed an abrasion proceedings making a claim of Rs.2487.783 Millions plus Interest (Rs.2487.783 Millions plus interest). The Company been legally advised that apart from the claim not being legally tenable, since the rights were only acquired by the Company as an assignee, the liability, if any, would on the original owner(s). (b) In respect of claim against the Company amounting to Rs.3600.000 Millions (Rs Nil) by a party who was originally claiming interest in a property, no provision has been considered necessary by the iridous Management in view of the legal opinion that the said claim is not tenable on various grounds. |
||
|
(e) Uncalled liability on shares partly paid |
0.900 |
0.900 |
UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER ENDED
31.12.2011
(Rs.
In Millions)
|
Particulars |
31.12.2011 |
30.09.2011 |
31.12.2011 |
|
|
Quarter Ended |
Nine Month Ended |
|
|
a) Net Sales/Income from Operations |
1066.000 |
1172.700 |
3655.200 |
|
b) Other operating income |
48.600 |
85.000 |
164.200 |
|
Total INCOME
(a+b) |
1114.600 |
1257.700 |
3819400. |
|
a) Decrease/ (Increase) in stock in trade and work in progress |
(43.000) |
(143.500) |
(441.200) |
|
b) Consumption of raw materials |
845.800 |
1076.100 |
3323.600 |
|
c) Purchase of Traded Goods |
33.000 |
6.200 |
39.200 |
|
d) Employees cost |
135.600 |
135.300 |
402.300 |
|
e) Depreciation |
283.000 |
244.000 |
747.000 |
|
f) Other expenditure |
683.000 |
827.000 |
2291.000 |
|
Total |
10680.000 |
11812.000 |
36277.000 |
|
Profit from Operations before Other Income, Interest and Exceptional
items (1-2) |
466.000 |
765.000 |
1917.000 |
|
Other Income |
85.300 |
45.700 |
190.000 |
|
Profit before Interest and Exceptional items (3+4) |
131.900 |
122.200 |
381.700 |
|
a) Interest |
123.200 |
109.600 |
344.600 |
|
Profit after interest but before
Exceptional items |
8.700 |
12.600 |
37.100 |
|
Exceptional items |
- |
- |
- |
|
Profit Before
from ordinary activities before Tax |
8.700 |
12.600 |
37.100 |
|
Tax Expenses |
0.000 |
0.000 |
112.000 |
|
Profit And Loss Activities After Taxes |
8.700 |
12.600 |
25.900 |
|
Extraordinary items |
- |
- |
- |
|
Net Profit for
the period |
8.700 |
12.600 |
25.900 |
|
a) Minority interest b)share of associate c) other Related items |
- - - |
- - - |
- |
|
Consolidate Net
profit and loss |
8.700 |
12.600 |
25.900 |
|
Other related items |
- |
- |
- |
|
Paid up equity share capital (face value Rs. 10 per share ) |
901.100 |
901.100 |
901.100 |
|
Reserves excluding Revaluation Reserve as per Balance Sheet of
previous Accounting Year |
- |
- |
- |
|
Earning Per Share (EPS) a)Basic EPS before Extraordinary items for the period and for the
previous year |
0.010 |
0.014 |
0.029 |
|
b) Diluted EPS before
Extraordinary items for the period and for the previous year |
0.010 |
0.014 |
0.029 |
|
Public share holdings’ - Number of shares |
55236227 |
55236227 |
55236227 |
|
- percentage of shareholdings |
61.30 |
61.30 |
61.34 |
|
Promoters and promoter group shareholdings a) Pledged / Encumbered - Number of shares - percentage of shares (as a% cf total shareholding of promoter and
promoter group) - percentage of shares (as a% cf
total shareholding of promoter and promoter group) |
- - - - |
- - -
- |
- - -
- |
|
Non Encumbered - Number of shares as a% cf
total shareholding of promoter and promoter group) - percentage of shares (as a%
cf total shareholding of promoter - percentage of shares (as a% cf total shareholding of promoter and
promoter group) |
34869823 100.00 38.70 |
34869823 100.00 38.70 |
34869823 100.00
38.70
|
NOTE:
1. The statutory auditor have carried out a limit review of standalone and consolidated results for the quarter and nine month ended 31st December 2011 in compliance with clause 41 of the listing agreement with the stock Exchange.
2. The above financial results were reviewed by the Audit Committee. The Board of Directors at its meeting held on 8th February, 2011 has approved the above results and its release.
3. The above financial results are in accordance with the accounting policies followed by the Company in preparation of statutory accounts.
4. Consolidated financial results have been prepared in accordance with Accounting Standard 21 - "Consolidated Financial Statement" and Accounting Standard 27 - "Financial
Reporting of Interests in Joint Ventures" and AS - 23 "Accounting for Investments in Associates in consolidated financial statements".
5. Status of Investor Complaints: In the beginning of the quarter: (Nil); Received during the quarter: (12); Resolved during the quarter: (12); Pending at the end of the quarter: (Nil).
6. The details of utilisation of proceeds of Initial Public Offer (IPO) as required under clause 43 of the Listing Agreement as under:
FIXED ASSTES
·
·
Land
·
Premises
·
Plant and Machinery
·
Furniture and Fixture
·
Electric Fitting
·
Motor Vehicle
·
Air conditioner
·
Office Equipment
·
Software
·
Furniture and Fitting
·
Other Construction Assets
WEBSITE DETAILS
Subject has more than 25 years of experience, conceiving, developing, constructing and managing varied projects. It is active in multiple sectors including residential, industrial, IT parks, malls and multiplexes, hospitality and community.
Right from its inception in 1986 Vascon has remained committed to applying the art or value-based aesthetics into the science of construction through efficient engineering. The Vascon team is mainly made up of engineers who are backed up by highly qualified specialists from various fields of management. Right from planning and procurement to testing and execution, every Vascon professional follows well-documented system and procedures.
Today, Vascon's achievements range from sprawling factories to premium homes, from glittering malls to towering software parks and from classy hotels to elegant schools. One simple principle guides Vascon's approach to every project: "Understand the customer's needs and exceed the expectations" This is how Vascon has been able to strike the right balance between efficient engineering and thoughtful development in project after project, across the country.
PRESS RELEASE
February 14, 2012
Q3FY12 Result
• Revenue at Rs. 1740.300 Millions
• EBITDA at Rs. 268.100 Millions
• PAT at Rs. 32.900 Millions
•
Nine
Months FY12 Result
• Revenue at Rs. 5466.000 Millions
• EBITDA at Rs. 753.200 Millions
• PAT at Rs. 98.600 Millions
• Debt at Rs 3898.500 millions and Net debt to Equity Ratio at 0.48
• Commencement of work at Renaissance project
• EPC order book of Rs. 52270.000 Millions and backlog of Rs. 36590.000 Millions
Pune, February 14, 2012: (Vascon Engineers Limited, a leading EPC and Real Estate player, on a consolidated basis recorded revenue of Rs. 1740.300 millions for Q3FY12 as against Rs.21 52.100 millions in the corresponding quarter last year. Similarly, EBITDA for Q3FY12 was reported Rs. 268.100 millions compared to Rs. 153.200 millions in the corresponding quarter last year and Profit after tax for Q3FY12 was Rs. 32.900 millions compared to Rs. 55.500 millions in the corresponding quarter last year.
The Company has been able to maintain its operating margins despite inflationary pressures. Profit after tax was lower on account of higher interest outgo and higher taxes.
EPC Segment:
The current EPC Order book is Rs. 52270.000 millions and order backlog is Rs. 36590.000 millions out of which 7396 of order backlog i.e. Rs. 26670.000 millions are third party EPC contracts.
Construction work has commenced at the largest EPC contract of Rs. 11000.000 millions in the current quarter and as the project progresses, it will contribute in improving the EPC revenue of the Company. This is the first private sector "MIDC equivalent" industrial park in Bhiwandi. The project is executed by LLP formed with Renaissance Croup wherein Vascon's share is 65%. The Logistic Park located at Bhiwandi, near Mumbai will have about 16 mn sq. ft. to be constructed in next 5 year period. The scope includes construction of various warehouses, industrial buildings, Roads, sewage layout and various related infrastructure work.
The Company has managed its operations in an extremely challenging environment and is well on track to achieve its historical EPC revenue growth rate in the coming quarters.
Real Estate Segment:
During Q3FY12, company has sold the area totaling 58,973 sq. ft. The cumulative area sold around 1.6 million sq. ft. amounting to sale value of Rs. 6670.000 millions of which attributable to Vascon is around Rs. 3660.000 millions. The average sales realization per sq ft has been consistent in the current quarter. Also, the collection has been on track in comparison with the previous quarters. The total area under construction in residential segment is 2.3 million sq. ft.
The Company is planning to launch the Talegaon project near Pune in current quarter. The total saleable area of the project is 2.5 million sq. ft. and the same will be developed in phases. The first phase will be 0.24 million sq. ft. residential development with 1, 2 and 3 BHK of 750 sq. ft. to 1,630 sq. ft. The township will have amenities like swimming pool* gym, community hall, kids play area, market etc and is expected to be developed over a period of 2.5 years.
In the next few months the Company has planned launches at Chennai, Coimbatore, Nashik in a price range of Rs 3000-5000 per sq. ft. targeting mid price segment.
Awards and
Recognition:
The Company during the current quarter has been the winner of BAI - Universal (Builder's Association of India) Well Built Structure Competition 2011 for its Altimo, Altamount Road, Mumbai project in the award category of Well Mechanized Project 2011.
About Vascon
Engineers:
Vascon Engineers Limited. (VEL) is engaged in EPC services and Real Estate Projects with a track record of 26 years. EPC operations are in a number of states and union territories in India, providing high quality and innovative projects on a timely basis. EPC operations are focused on building construction in diverse areas like pharma, hospitals, factory buildings, educational institution buildings, Government buildings, MES, hospitality building etc. Real Estate projects comprises of residential and office complexes as well as shopping malls, multiplexes, hospitality properties and IT parks
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.72 |
|
|
1 |
Rs.86.98 |
|
Euro |
1 |
Rs.70.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.